Panacea Acquisition II, the second blank check company formed by EcoR1 Capital targeting the biotech industry, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The San Francisco, CA-based company plans to raise $150 million by offering 15 million shares at $10. The company is not offering units with warrants attached. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with EcoR1 Capital. At the proposed deal size, Panacea Acquisition II would command a market value of $205 million.
The SPAC is led by CEO and Chairman Oleg Nodelman, the founder and Portfolio Manager of San Francisco-based biotech venture firm EcoR1 Capital. The SPAC's other officers all hold roles at EcoR1. Panacea Acquisition II plans to target the biotechnology sector in North America or Europe.
The firm's previous SPAC, Panacea Acquisition, went public in June 2020 and completed its acquisition of oncology biotech Nuvation Bio (NUVB; +27% from $10 offer price) last month.
Panacea Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol PANA. The company filed confidentially on February 2, 2021. Cowen is the sole bookrunner on the deal.
